European shares flat as investors await Ukraine talks
U.S. President Donald Trump
, following a Russia-U.S. summit that ended without an immediate agreement.
The pan-European
STOXX 600 index
were flat, as of 0704 GMT, after logging a second straight weekly gain on Friday.
Ukraine's Volodymyr Zelenskiy will meet Trump along with other European leaders in a bid to draw out a peace deal that will not favour Moscow.
Trump met with his Russian counterpart Vladimir Putin on Friday and agreed that a peace deal should be worked upon without a ceasefire.
Novo Nordisk added 4.1% after the drugmaker' s weight-loss drug Wegovy received an accelerated approval by the U.S. Food and Drug Administration to treat a serious liver condition.
Live Events
Vestas shares jumped 9.7% and ranked among the top gainer on the STOXX 600 after IRS safe harbor guidelines.
Commerzbank fell 3.7%, after Deutsche Bank cut the stock's rating to "Hold" from "Buy".
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Standard
24 minutes ago
- Business Standard
Indices extend their winning streak, riding the wave of reform hopes
The main equity indices closed with modest gains today, marking their fourth consecutive session of gains, as investor sentiment was lifted by optimism about potential GST reforms and encouraging developments in the Russia-Ukraine peace talks. The Nifty ended above the 24,950 level, driven by strength in energy and FMCG stocks. The S&P BSE Sensex rallied 370.64 points or 0.46% to 81,644.39. The Nifty 50 index added 103.70 points or 0.42% to 24,980.65. In four trading sessions, the Sensex and Nifty have jumped 1.75% and 2.01%, respectively. Tata Motors (up 3.50%), Adani Ports & Special Economic Zone (up 3.16%), Reliance Industries (up 2.82%) boosted the Nifty higher today. The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.97% and the S&P BSE Small-Cap index rose 0.97%. The market breadth was strong. On the BSE, 2,631 shares rose and 1,437 shares fell. A total of 172 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 4.45% to 11.79. Numbers to Track: The yield on India's 10-year benchmark federal paper rose 0.48% to 6.515 from the previous close of 6.484. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.9250 compared with its close of 87.3900 during the previous trading session. MCX Gold futures for 3 October 2025 settlement shed 0.18% to Rs 99,220. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.16% to 98.01. The United States 10-year bond yield shed 0.39% to 4.323. In the commodities market, Brent crude for October 2025 settlement shed 59 cent or 0.89% to $66.01 a barrel. Global Market: European indices rose on Tuesday as hopes grew for a potential easing of tensions following prospects of talks between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky. Meanwhile, most Asian shares ended lower as investors processed the discussions held at the White House between U.S. President Donald Trump, Ukrainian President Zelenskyy, and European leaders, aimed at resolving the Moscow-Kyiv conflict. In a social media post late Monday, Trump announced he had spoken with Putin and was working to arrange a meeting between Putin and Zelenskyy, which would be followed by a trilateral summit among the three presidents. Investors are also closely monitoring the upcoming Federal Reserve conference in Jackson Hole, Wyoming, scheduled for August 21 to 23, where Fed Chair Jerome Powell is expected to speak. The event could provide further insight into the economic outlook and the central banks policy direction. Overnight stateside, all three key benchmarks ended the day near the flatline. The Dow Jones Industrial Average dropped 34.30 points, or 0.08%, to close at 44,911.82. The S&P 500 closed down 0.01% and ended at 6,449.15, while the Nasdaq Composite inched up 0.03% to settle at 21,629.77. Data on Friday showed that while retail sales were increasing broadly as anticipated, consumer sentiment overall had taken a hit from mounting inflation fears. On Monday, the National Association of Home Builders/Wells Fargo Housing Market Index fell to the lowest reading since December 2022. New Listing: Shares of BlueStone Jewellery and Lifestyle ended at Rs 546 on the BSE, representing a premium of 5.61% compared with the issue price of Rs 517. The scrip was listed at Rs 508.80, exhibiting a discount of 1.59% to the issue price. The stock has hit a high of Rs 564 and a low of Rs 508.60. On the BSE, 9.47 lakh shares of the company were traded in the counter. Stocks in Spotlight: Shares of major textile companies surged between 2.14% and 8.22% following the governments decision to suspend the import duty on cotton from August 19 to September 30. Raymond Lifestyle (up 10.32%), Vardhman Textiles (up 6.14%), Welspun Living (up 4.10%), Arvind (up 3.88%), Gokaldas Exports (up 2.29%) and Indo Count Industries (up 1.53%) surged. HLE Glascoat hit an upper circuit of 20% after announcing the successful completion of its strategic European acquisition. In a regulatory filing, the company disclosed that its wholly owned step-down subsidiary, HLE Surface Technologies GmbH, finalized the acquisition of specific assets of Germany-based Omeras GmbH, along with all shares of its subsidiary Omerastore GmbH, on 18 August 2025. The acquisition, valued at 2.75 million euros, follows HLE Glascoat's initial disclosure dated 14 August 2025. Vedanta jumped 2.74% after the company announced that its board will meet on Thursday, 21 August 2025, to consider a second interim dividend for FY2025-26. Hindustan Zinc rose 0.34%. The company said that its board has approved to set up a tailings reprocessing plant at Rampura Agucha, Bhilwara, Rajasthan, aimed at recovering metals from the tailing dumps. The said project is part of the companys plan to double its production capacity. The new plant, with a capacity of 10 million tonnes per annum (Mtpa), will be developed with an investment up to Rs 3,823 crore and is targeted for completion within 28 months from the zero date. SPML Infra shed 0.96%. The company has announced it has received an order worth Rs 1,073 crore project from the Indore Municipal Corporation for the augmentation of the city's water supply system under the Government of Indias AMRUT 2.0 initiative. Alembic Pharmaceuticals added 2.03%. The company received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Macitentan tablets, 10 mg. Kilburn Engineering advanced 1.78% after the company announced that it has entered into a definitive master agreement with Komline-Sanderson Corporation (KSC), a New Jersey-based global provider of process and environmental equipment. Inox Wind (IWL) added 3.18% after the company announced the sale of its stake worth approximately Rs 175 crore in its EPC subsidiary, Inox Renewable Solutions (IRSL), to investors at a valuation of nearly Rs 7,400 crore. Meera Industries rose 1.6% after the company said it secured repeat export orders totaling $135,000 across Indonesia and South Africa. IPO Update: Patel Retail's IPO received bids for 4,88,18,716 shares as against 78,15,612 shares on offer, according to stock exchange data at 16:45 IST on Tuesday (19 August 2025). The issue was subscribed 6.25 times. Shreeji Shipping Global's IPO received bids for 2,39,07,484 shares as against 1,14,08,600 shares on offer, according to stock exchange data at 16:45 IST on Tuesday (19 August 2025). The issue was subscribed 2.10 times. Vikram Solar's IPO received bids for 6,73,64,910 shares as against 4,53,61,650 shares on offer, according to stock exchange data at 16:45 IST on Tuesday (19 August 2025). The issue was subscribed 1.49 times. Gem Aromatics's IPO received bids for 99,37,518 shares as against 97,82,363 shares on offer, according to stock exchange data at 16:45 IST on Tuesday (19 August 2025). The issue was subscribed 1.02 times.
Mint
33 minutes ago
- Mint
Spain Says NATO Spat Didn't Prompt Exclusion From Ukraine Talks
Spain's top diplomat dismissed a suggestion that the nation's failure to commit to a revised NATO spending target was the reason for its absence from this week's talks to discuss Russia's war on Ukraine. 'Spain is a very committed ally,' Foreign Minister José Manuel Albares said Tuesday in an interview with Bloomberg TV. He said he'd received no indication that failure to commit to the NATO goal was in any way linked to Spain's omission from Monday's meeting in Washington between European leaders, Ukrainian President Volodymyr Zelenskiy and US President Donald Trump. The gathering was seen as a win for western allies attempting to steer Trump away from a quick deal at Ukraine's expense — something that appeared more likely after he met with Russian President Vladimir Putin in Alaska last week. US and European officials will immediately work on providing Ukraine with robust security guarantees to help bolster the country's armed forces, people familiar with the matter told Bloomberg Tuesday. The aim is to prevent Russia demanding restrictions on the size of Kyiv's military as part of a future agreement to end the war, the people said. In his Bloomberg TV interview, Albares said reinforcing Ukraine's army is the best security guarantee available given 'the reality on the ground.' 'That's what we are doing: providing military equipment to make sure that the Ukrainian army is capable of guaranteeing sovereignty and territorial integrity,' he added. 'We need a ceasefire first of all,' he said, at the same time cautioning that 'Russia has given no sign of being in good faith engaged in real conversation for a just and lasting peace.' In June, Spain raised hackles among some NATO allies by seeking an exemption from the military alliance's new target of committing 5% of gross domestic product to defense. Prime Minister Pedro Sánchez's government argued that its spending plans are sufficient to meet NATO needs. Trump subsequently threatened Spain with tariffs twice as high as the rest of the European Union, but hasn't followed through. This article was generated from an automated news agency feed without modifications to text.
Mint
35 minutes ago
- Mint
Intel's CEO Draws Support for Revival From SoftBank, Trump
Less than two weeks after President Donald Trump called for the ouster of Intel Corp.'s Lip-Bu Tan, the company's chief executive officer has a shot at securing billions of dollars in fresh capital that could help him turn around the troubled US chipmaker. The Trump administration is in discussions to take a stake of about 10% in Intel, possibly by converting grants made to the company under the US Chips and Science Act into equity, according to people familiar with the matter. That could allow Intel to tap about $10 billion in capital as Tan works out a strategy for revival. In another surprise, SoftBank Group Corp. agreed to take a $2 billion stake in Intel, as the Japanese company seeks a broader role in the artificial intelligence boom. Founder Masayoshi Son already owns a majority stake in chipmaker Arm Holdings Plc and has laid plans to compete with Nvidia Corp. in AI chips. Intel's chipmaking skills could help SoftBank manufacture chips to run — and possibly train — AI models like ChatGPT. Intel shares rose about 7% in pre-market trading on Tuesday. SoftBank's own stock price fell 4% in Tokyo. Earlier this month, Tan's hold on his CEO role looked precarious after Trump called on him to resign over alleged conflicts of interest. Yet the executive quickly visited Trump at the White House to clear the air, with the president then praising the Intel CEO for his career success and 'amazing story.' That set the stage for the government's possible investment, which would make the US the chipmaker's largest shareholder. The federal government is considering an investment that, under one scenario, would involve converting some or all of the $10.9 billion in grants the company had won under the Chips Act, said the people, who asked not to be identified because the information is confidential. The company can also draw on up to $11 billion in loans under the 2022 law. The grant money, which was originally designed to be disbursed over time as Intel meets project milestones, is roughly enough to pay for the targeted holding. At Intel's current market value, a 10% stake in the chipmaker would be worth around $10.5 billion. The exact size of the stake, as well as whether the White House chooses to move ahead with the plan, is still in flux, the people said. White House spokesman Kush Desai declined to comment on the specifics of the discussions, saying only that no deal is official until it's announced by the administration. The Commerce Department, which oversees the Chips Act, also declined to comment. Intel didn't respond to a request for comment. SoftBank's investment is another unconventional bet on Tan's ability to revive Intel's fortunes. The Japanese company announced its plan to buy new shares at $23 a share, a small discount to Intel's last close. Son has ambitions to design an energy-efficient AI chip through what he calls the 'Izanagi' project to compete with Nvidia's products, though that has yet to translate into a marketable product. Son held talks with Intel's chief executive about buying the company's contract chipmaking business before agreeing to make the $2 billion investment, the Financial Times reported, citing people familiar with the talks. The investment doesn't preclude a bigger deal for that part of Intel's business, the newspaper said. A big question is whether a government holding and SoftBank's vote of confidence would help reinvigorate Intel's business. The tech pioneer has fallen behind Taiwan Semiconductor Manufacturing Co. in contract chipmaking and Nvidia Corp. in chip design, missing out on a boom in spending on artificial intelligence. Last week, Intel's stock had its biggest one-week rally since February, after the initial news of the government's possible investment. Tan, who served on SoftBank's board for two years, is seeking a turnaround. But his efforts have largely been focused on cutting costs and eliminating jobs. Intel will add large-scale manufacturing capacity only once customers are committed to using its more advanced production techniques, Tan said last month, sparking concern among investors that the company may be bowing out of the race for semiconductor leadership. The Trump administration is particularly focused on shoring up Intel's sprawling project in Ohio, the home state of Vice President JD Vance. Intel has repeatedly delayed the anticipated opening of that site, which the company originally envisioned as the world's biggest semiconductor facility. Beyond Intel, the White House official also floated the possibility that the administration could convert other Chips Act awards into equity stakes. It's not clear whether that idea has gained traction broadly within the administration or whether officials have broached the possibility with any companies that could be affected. The Chips Act set aside $39 billion in manufacturing grants — plus loans and tax credits — to revitalize the American semiconductor industry after decades of production shifting to Asia. Using Chips Act money for an Intel stake would mean the chipmaker isn't necessarily getting a bigger government infusion than expected — possibly just one that's on a faster timeline. As is the case for all Chips Act winners, Intel's award was designed as a reimbursement, with the grant money split into tranches tied to specific project benchmarks. Intel had received $2.2 billion of its award as of January. It's unclear whether that amount would be included in the possible equity stake, whether the company has received additional disbursements of its award since Trump took office, and on what schedule Intel would receive money under a possible equity stake. While TSMC and South Korea's Samsung Electronics Co. are expanding their US operations with Chips Act support, having an American company like Intel building cutting-edge chips on domestic soil has been a priority for both the Trump and Biden administrations. Biden officials, for example, tried to get companies like Nvidia and Advanced Micro Devices Inc. to consider using Intel as a manufacturing partner, and also explored long-shot ideas like a tie-up between Intel and GlobalFoundries Inc. Earlier this year, Trump's team held early-stage conversations with TSMC about potentially operating Intel's factories — an arrangement from which TSMC has backed away. Trump officials have also internally floated the prospect of seeking an Intel investment from the United Arab Emirates. It's unclear whether either of those approaches has progressed much past a thought exercise. Washington has become more aggressive in strategic sectors. The Trump administration's secured an agreement to receive a 15% cut of AI chip sales to China and took a so-called golden share in United States Steel Corp. as part of a deal to clear its sale to a Japanese rival. That's while the Defense Department announced a plan that would make it the largest shareholder in US rare-earth producer MP Materials Corp. The US government and the Japanese tech conglomerate both see the potential for a turnaround at Intel, although each likely values different parts of the business. For the Trump administration, a recovery of the chipmaker's manufacturing prowess would help win jobs and voters. For SoftBank, Intel's chip design operations beckon with the promise of high margins. With assistance from Brody Ford, Ville Heiskanen, Ryan Gould, Josh Wingrove, Min Jeong Lee and Edwin Chan.
